Oil jumps after Iran strikes on US bases in the Middle East
Oil jumped by more than 5% to $95 a barrel, while Asian stocks slid over worries the latest attacks point to protracted hostilities.
Oil prices surged by more than 5% to $95 a barrel following Iran's retaliatory attacks on US military bases in Bahrain, Iraq, and Jordan. The strikes came in response to overnight US strikes that Tehran claimed killed at least 18 people, causing global markets to experience turmoil. In addition to the market impact, new reports have emerged suggesting that Russia has been secretly assisting Iran in developing supersonic cruise missiles, further intensifying concerns about the escalating conflict extending beyond the Middle East.
The situation has also been compounded by the resignation of the US Army chief, adding to the perception of a fractured and uncertain military landscape.
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